1.1 Explain the purpose and scope of cost and management accounting

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1.1 Explain the purpose and scope of cost and management accounting

Unit 15: Finance for Administrative Managers Unit reference number: D/506/4212

Learning outcomes Assessment criteria

1 Understand the purpose and scope of cost and management accounting

1.1 Explain the purpose and scope of cost and management accounting

2 Understand the application of financial accounting

2.1 Analyse the nature and purpose of the main financial statements

2.2 Describe the features of a basic set of company accounts

3 Understand the impact of internal and external factors on budgetary planning in a business

3.1 Analyse the need for long and short term budgetary plans in a business

3.2 Analyse the relationship between functional departments and responsibility centres

4 Understand how to manage a budget

4.1 Evaluate strategies used to manage budget variance and improve profitability

4.2 Analyse how management controls could be used to minimise budget deficit